Banks extend opening hours

Competition for customers has pushed banks to extend their opening hours to late evening, with an increasing number of lenders now serving customers over weekends and public holidays.

Standard Chartered, ABC, Diamond Trust, NIC and Barclays Bank of Kenya have recently announced an extension of their opening hours to between 7a.m and 8p.m, from what has been the traditional banking hours of between 9a.m and 3p.m for all lenders only a few years ago.

Diamond Trust Bank has extended its operating hours for five outlets in Kenya and six in Uganda, which now operate for seven days a week between 8a.m to 8p.m.

“We had to introduce new staff shifts, increased security and investment in technology,” said Naomi Mangatu, senior manager for marketing and corporate communications at the bank.

Ms Mangatu said DTB is planning on opening a sixth extended hours branch in Nairobi.

Lifestyle change

She said the bank will re-organise its human resource policy to accommodate the changes.

“We are undertaking to upgrade our IT platform at an estimated cost of $ 1 million so as to support the extended business hours,” said Ms Mangatu.

ABC Bank Group Managing Director Shamaz Savani attributed the extension of banking hours to increased economic activities, traffic jams that have cut peoples’ spare time and change of Kenyan’s lifestyles.

Mr Savani said the bank’s long-hour branches are targeted at late night shoppers in high income residential areas.

“We looked at the foot traffic, area security and location while selecting the branches. For the Eldoret branch we considered the presence of Nakumatt, which is located opposite our branch and operates for 24 hours.” said Mr Savani.

Standard Chartered Bank said the extension is meant to accommodate customers’ busy schedules.

Executive director of the Kenya Bankers Association John Wanyela said the increased banking hours point to a shift towards a 24-hour economy, adding that it will help retailers such as supermarkets that wish to operate for long hours.

Some banks have also taken advantage of the introduction of the agency banking model to have their operations in outlets such as supermarkets that open for 24-hours or up to late in the night.